v3.22.4
Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (10)
Interest RateSeptember 30, 2022December 31, 2021
Mortgage loan (3)
Park Hyatt Beaver Creek Resort & SpaApril 2022April 2022
LIBOR (1) +3.00%
$— $67,500 
Mortgage loan (4)
The Ritz-Carlton SarasotaApril 2023April 2023
LIBOR (1) + 2.65%
98,750 99,500 
Mortgage loan (4)
Hotel YountvilleMay 2023May 2023
LIBOR (1) + 2.55%
51,000 51,000 
Mortgage loan (5)
The Notary HotelJune 2023June 2025
LIBOR (1) + 2.16%
435,000 435,000 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loan (4)
Bardessono Hotel and SpaAugust 2023August 2023
LIBOR (1) + 2.55%
40,000 40,000 
Mortgage loan (6)
The Ritz-Carlton St. ThomasAugust 2023August 2024
LIBOR (1) + 3.95%
42,500 42,500 
Mortgage loan (4)
The Ritz-Carlton Lake TahoeJanuary 2024January 2024
LIBOR (1) + 2.10%
54,000 54,000 
Mortgage loan
Capital HiltonFebruary 2024February 2024
LIBOR (1) + 1.70%
195,000 195,000 
Hilton La Jolla Torrey Pines
Mortgage loan (3)
Park Hyatt Beaver Creek Resort & SpaFebruary 2024February 2027
SOFR (2) + 2.86%
70,500 — 
Mortgage loan (7)
The Ritz-Carlton Reserve Dorado BeachMarch 2024March 2026
LIBOR (1) + 6.00%
54,000 — 
Mortgage loan (8)
Mr. C Beverly Hills HotelAugust 2024August 2024
LIBOR (1) + 3.60%
30,000 30,000 
Mortgage loan (4) (9)
Pier House Resort & SpaSeptember 2024September 2024
LIBOR (1) + 1.85%
— 80,000 
Mortgage loan (9)
Pier House Resort & SpaSeptember 2024September 2024
SOFR (2) + 1.95%
80,000 — 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 86,250 
1,237,000 1,180,750 
Capitalized default interest and late charges, net2,400 3,904 
Deferred loan costs, net(3,455)(3,538)
Premiums/(Discounts), net919 (8,438)
Indebtedness, net$1,236,864 $1,172,678 
__________________
(1)LIBOR rates were 3.143% and 0.101% at September 30, 2022 and December 31, 2021, respectively.
(2)SOFR rate was 3.042% at September 30, 2022.
(3)On February 2, 2022, we refinanced this mortgage loan totaling $67.5 million with a new $70.5 million mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.86%.
(4)This mortgage loan has a LIBOR floor of 0.25%.
(5)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in June 2022.
(6)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.
(7)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.
(8)This mortgage loan has a LIBOR floor of 1.50%.
(9)On September 29, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 1.85% with SOFR + 1.95%.
(10)The final maturity date assumes all available extensions options will be exercised.